Australia cuts rates for second time this year

The Australia dollar fell sharply on the news, hitting $0.7801. Meanwhile, the benchmark S&P ASX 200 enlarged gains to 1.13 percent, from 0.3 percent.. Goldman Sachs warned last week that the plunge in iron ore prices in recent months could slash another $55 billion off government revenues over the next four years. "In RBA's statement earlier in April and also in the...